You are entitled to your opinion. But you are not entitled to your own facts.
– Senator Daniel Patrick Moynihan
Boise Real Estate Statistics
Say what you want about the state of the Boise Real Estate Market–but, the numbers don’t lie. Key price ranges have been steadily losing supply and that’s good news for the fragile recovery of our local markets. The fewer homes available for sale limits choices and helps balance the market.
Boise Real Estate Inventory on the Decrease
In November, Intermountain MLS reports that the two most active price ranges ($120k-$160k and $160k-$200k) are seeing the affordability opportunities disappear. This doesn’t mean that housing is getting less affordable, what it means to you is that you’ll simply have less to choose from and in some cases might be competing for the good Boise Real Estate.
YTD, the $120k-$160k price range has seen a 45% decrease in inventory–currently standing at 709 units down from 1079 at the beginning of the year.
In addition, the $160k-$200k price range has seen the same 45% decrease in inventory from 706 units down to 452.
The important thing to remember is that while markets are local, there are also local factors that can further affect the stability of a market; jobs, interest rates, foreclosures etc.
What this means if you’re buying a home in Boise
Simply put, if this trend continues, you’ll have less to choose from. On one hand, this may make searching for homes easier, it will also make the playing field more competitive–a good priced home in the right condition could attract many lookers.
If you’re in the market to buy real estate, now’s the time to get educated by someone who understands the local numbers and opportunities. Now more than ever consumers have access to real time listing information and market news, but also, now more than ever, consumers are more confused about what that news actually means.
What this means if you have a home for sale in Boise
If you’re selling or thinking of selling within this price range, it’s good new especially for you. If you’re home has the 5 Rights, you’re likely to garner a higher asking price to sales price ratio and will probably be on the market for less time overall. Don’t get greedy though, we aren’t out of the woods yet–be competitive and go get a great deal on a discounted upgrade home. By the way, you can start that search here.
If you’d like the entire copy of the November MLS charts and graphs, you can download them here.
Bottom line–decrease in inventory good–increase in inventory bad.
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One thing that I should also add–median prices rose slightly above the magic 150 mark too.
We are seeing very similar trends in our Pensacola, FL, real estate market. Our inventory is declining while prices seem to have bottomed out. With interest rates on the rise again many people who were holding out for a “bargain” may very well find they have missed the very best opportunity.
PensacolaHomes
That’s good news. We have seen the opposite here lately in good old Phoenix. It will be interesting to watch the next few months here though as traditionally the winter months are very active here.
I was rooting for BSU this year (originally from Washington). They still had a great season, but it’s too bad they dropped the game to Nevada.
Hopefully this is a sign of a potential market upswing everywhere.
Anyone in Boise reading your post has a real advantage. Everything points to the fact that now is a great time to buy. Prices are slowly rising and buyers may soon find themselves competing for homes again. Not to mention the interest rates are still low.
Perhaps market would rise up.
With inventories being bought up quickly we can only hope and look to the past to realize that prices will edge up and building should, and is some cases already has resumed. It may not be at the same level it use to be but I am hoping within a couple of years we look back on this as a speed bump.
The same thing is happening in Memphis.
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